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Follow on Google News | Codat Partners with Scienaptic to Enhance SME Data With AI-Powered Credit DecisionsBy: Scienaptic Systems Codat – which has offices in London and New York – currently has over 70 clients, from lenders to corporate cards, insurance to cashflow forecasting, and more. Via a single API, it enables financial services organisations to integrate with a wide and growing range of accounting, banking, and commerce platforms used by their small business customers. Lenders typically rely on credit-bureau data and financial statements to determine a firm's riskiness. However, that alone is not a sufficient indicator of financial stability or ability to repay, and can often paint a misleading picture of that firm's situation - especially in the rapidly changing COVID landscape. Scienaptic's AI-powered platform now combines Codat's access to rich business data to deliver superior risk assessment of SMEs. "Open accounting platforms have transformed the way lending is done in the SME space. We are thrilled to have partnered with the global leader. It will enable us to integrate a wider range of non-traditional data into our platform for a 360-degree SME creditworthiness assessment," "Working with Scienaptic is an important milestone for us," said Alex Cardona, COO and Co-Founder at Codat. "It is the first integration of our API into an AI-driven credit decisioning platform. This will result in very positive outcomes for both Scienaptic's clients and their customers. Combining our rich data connectivity and Scienaptic's AI-powered lending will enable more loan approvals, more quickly." About Codat Codat is the FinTech powering the small business data ecosystem. Codat's API connects the tools and services that small businesses need for their operations and handles the heavy lifting of integrations— Codat clients range from lenders to corporate cards, insurance to cash flow forecasting and more. Codat was founded in 2017 and has offices in London and New York. For more information visit www.codat.io. About Scienaptic Scienaptic is on a mission to increase credit availability by transforming technology used in credit decisioning. Over 150 years of credit experience is embedded in Scienaptic's AI native credit decision platform. Our clients across banks, credit unions, fintech, and other lenders use the platform to constantly improve the quality of underwriting decisions. This enables them to say 'yes' to borrowers more often and faster. For more information, visit https://www.scienaptic.ai. End
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